The Nigerian Education Loan Fund (NELFUND) has clarified the amount disbursed for educational support, stating it has allocated over N20 billion for institutional fees, benefiting 192,906 students across Nigeria.
In a statement released on Monday, NELFUND dispelled rumors about the total disbursement being N104 billion, emphasizing the actual figures. “As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” the management announced from Abuja.
Furthermore, the Fund has also supported students financially beyond tuition, with over N12 billion disbursed for upkeep. “NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement further detailed.
NELFUND underscored its commitment to transparency and efficiency, promising to keep the public informed with accurate updates on future disbursements.
This student loan initiative is a cornerstone of President Bola Tinubu’s administration’s policy in the education sector. Following his inauguration, President Tinubu signed into law the Access to Higher Education Act, which legalizes the provision of interest-free loans to underprivileged Nigerian students for their tertiary education.
The Act, which was reenacted earlier this year, mandates NELFUND to manage all facets of the loan process, from application to repayment. The Fund’s operations are to be supported by various revenue sources, with additional income-generating activities planned to ensure its sustainability.